Get Your Own Virginia LLC

Virginia limited liability company kits

Do you operate or plan to start a business in Virginia? Or, alternatively, do you own real estate investment property or plan to purchase such property in Virginia?

In either of these cases, given Virginia state law, you may want to look at the option of forming a limited liability company and then having that LLC own and operate the small business or the real estate investment.

By having an LLC own the business or the real estate, you greatly reduce your personal financial risks related to the business or real estate. Furthermore, especially in the case of a small business, you often enjoy wonderful tax savings by operating your venture as a limited liability company. But let me talk a bit more about this.

LLC's are attractive in one sense because they provide legal liability protection with less red tape, headache, and bureaucratic overhead than a traditional corporation. And LLC are attractive in another sense because LLC's allow their owners to select their tax accounting treatment. For example, a one owner Virginia LLC that operates a small business would by default be treated as a sole proprietorship. But that LLC might also choose to have the LLC treated as a corporation. And that choice to be treated for tax purposes as a corporation might several thousand dollars a year in taxes.

Multiple owner LLC's have similar flexibility. Initially, a multiple owner, or "multiple member," limited liability company gets treated for tax accounting purposes as a partnership. But if the partnership so decides, the LLC may also be treated as a C corporation or even an S corporation. Tthis decision to do the tax accounting using the corporate tax accounting rules can sometimes save individual LLC owners thousands or even tens of thousands of dollars a year.

Here's something else that's odd about limited liability companies. By design, a limited liability company is very easy to set up. In Virginia, for example, you need to file simple articles of formation with the Virginia Secretary of State. And then, depending on your venture, you may then need to get a business license and apply for an employer identification number.

But this is an easy process! And because the process is so easy and straightforward, you may not need an attorney or accountant to help you. You may be able to do the work yourself by carefully following the available instructions-and this will save you hundreds and maybe even thousands of dollars. Doing the work yourself is particularly easy if you work with instructional guide like a do-it-yourself kit such as I describe below:

Premium Virginia Option

Ready to try this? Great. $44.95 gets you the premium version of the downloadable Virginia kit. This kit quickly goes over the basic costs and benefits of setting up and running a limited liability company in Virginia... and then the kit explains the steps for setting up the LLC, getting the business license, and obtaining a taxpayer identification number (also known as a FEIN). The kit also describes how to make an 8832 election or 2553 election to have the new Virginia LLC treated as a C or S corporation--something that often makes sense for established profitable businesses.

If you're ready to start the process, click the button below to purchase and then down load the zip file that contains the 20-page-ish pdf document and then the two sample limited liability company operating agreements:

Economy Virginia Option

If you don't need the coverage of the corporation tax elections--and most real estate investors don't need this information--you can save a bit of money by going with the Economy version of the Virginia do-it-yourself kit. The economy kit includes everything the premium kit does except for the coverage of the corporate tax elections. The economy kit, for example, does include the sample operating agreements.

Note: One group of real estate investors who may want to consider making corporate tax elections are flippers. That's because to a flipper, real estate doesn't get treated like real estate according to tax laws but rather like inventory.

Ready to buy the economy kit for a Virginia llc for just $34.95? Click the buy button below: